Given what a Colt LE6920, LE6720, or one of the OEM carbines can be had for I'd buy a complete rifle over a pile of parts.
If you want to build an AR you will need some tools. You might already have them, but if you do not factor in the cost of those tools. You'll need a bench with a vice on it, a lower receiver block, and an upper receiver block to work on each assembly. You will need an armorer's wrench, and a torque wrench. A good set of punches will be needed for various roll pins if you are going to be installing your own lower parts kits, gas tubes, and pins for the gas block or front sight post if you want a pinned FSP or block. If you wish to assemble your own bolt carrier group you will need a carrier key staking tool so the gas key bolt will not come loose and make the rifle short stroke.
To all this stuff (if you don't already have it) you will need these parts to equal or exceed the Colt in terms of quality:
1.) Forged upper and lower receivers that are dimensionally correct. The upper should have M4 feed ramps cut prior to Type III hard coat anodizing. Both of these parts will need to be 7075-T6 aluminum alloy.
2.) A mil spec lower receiver extension for the collapsible stock, again made from 7075-T6 for strength, and including the M4 spec dry film lubricant inside the tube.
3.) A good quality lower receiver parts kit.
4.) A mil spec (or better) M4 butt stock.
5.) A mil spec (or better) pistol grip.
6.) A barrel made from Chrome Moly Vanadium 4150 grade steel, per the mil spec rated for full auto firing schedule, chrome lined bore and chamber. Chamber will be true 5.56mm NATO spec, bore will have a 1:7" twist rate. The barrel will be finished in a heavy mil spec phosphate and will be drilled to accept taper pins for the front sight base. Additionally the barrel will be high pressure tested and magnetic particle inspected individually. Some reputable manufacturers do multiple angle X-ray testing of their barrels and this is also an excellent method for testing the integrity of the part.
7.) A bolt made from Carpenter 158 steel, shot peened for additional strength, high pressure tested and magnetic particle inspected individually. Additionally there should be a tool steel extractor with the current copper colored extractor spring and black polymer spring insert. Phosphate finish on this part as well.
8.) A bolt carrier that is phosphate finished and has a chrome lined interior, additionally the gas key will be chrome lined, and the gas key bolts that attach this part will need to be heavily staked so they do not back out and cause a gas leak. You can purchase this part already properly assembled along with a good bolt. Expect to pay north of $100 for a good complete BCG.
9.) Firing pin, chrome plated.
10.) Front sight post "F" marked to go with your flat top upper, or a low profile gas block. Either way you are looking for an all steel part, that can be securely attached to the barrel. Pinning is by far the most secure method, but there are others. The gov't demands that their carbines have a pinned gas block or front sight post and that is what Colt provides.
11.) Good quality gas tube, this one is not rocket science but you still have to buy it.
12.) Barrel nut, and other barrel hardware if you plan to go with old school hand guards.
13.) Alternative furniture for the fore end of your choice. Most of your rails will come with mounting hardware including the barrel nut.
14.) A rear sight of some description. My Colt M4A1 SOCOM II came with the Matech rear sight, it is OK. I personally prefer the look and low profile of the Magpul MBUS Pro all steel salt bath nitride finished folding BUIS. Either way a quality rear sight of the folding variety is going to cost about $100-$150. Same if you want a good quality folding front.
15.) An A2 bird cage flash hider or a muzzle device of your choice.
I've probably forgotten some parts, but this will give you a good idea. One intangible aspect is service, if you buy a bunch of parts and assemble a rifle and it doesn't work right you are stuck with it and remedying it yourself. If you buy a Colt, or other good carbine from a good manufacturer like Bravo Company Machine, Daniel Defense, SIONICS Weapon Systems, Knights Armament, FN, Lewis Machine and Tool, Heckler and Koch, and others you can just call them up and tell them your gun doesn't work and they will fix it so it does.
However, I will admit that tinkering with the AR is fun when assembling quality parts with decent tools. This is also an intangible that is hard to place a value on.
For a first AR if you can swing it I absolutely recommend buying a Colt, BCM, DD, LMT, FN, or SIONICS as a good value for the money top tier carbine. I happen to have a Colt and a DD, I have a friend who has a BCM and all of them are dead nuts reliable fighting grade carbines. If you look at what a lot of pro instructors are running for their training carbines that see a lot of rounds you'll find plenty of Colt's, BCM's, and DD's. Once you have a good solid factory carbine, I fully endorse building an upper to suit your exact needs once you figure out what you like or don't like about your factory gun.